BYD reports surge in H1 profit earning

Chinese battery and car maker BYD Co said that its net profit increased 25 times in the first half, as its three core businesses in the vehicle, cell phone and new energy sectors all saw strong growth.

BYD said in a financial report filed with the Shenzhen Stock Exchange that its net profit in the first six months surged 2,524 percent year-on-year to 427 million yuan ($69.76 million), from 16.27 million yuan in the same period last year. Its revenue jumped 15.32 percent year-on-year to 26.04 billion yuan.

The astonishing growth comes after the company's net profit slumped 94.15 percent year-on-year to 81 million yuan in 2012, the lowest level in at least four years.